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New organisation want to establish stock usage for that which are the criteria we can adopt. we can prepare batch no for each product and material purchase and unified the name or any other option
The kind of product you will be stocking is not mentioned here, and since you are going to stock for the first time, you might not be having the Movement history. It will be a good idea to do a market analysis to get the trend /Monthly Avg. Demand of the products & you can start ordering them accordingly. Pls. post your customer inquiries/loss sales meticulously,which will help in material requirement planning. Plan the months of stock you will keep.
Classify them as given below & configure the Category in the system, or if you do not have a system in place, record them manually on cardex for the time being.
1) FMS- Fast -Medium-Slow Moving
2) VED- Very Essential-Essential-Desirable
3) ABC- A-High Value, B- Medium value, C- low value
( You can use ABC & VED combination if you are into pharmaceuticals, for others you can use ABC & FMS)
Once you have a system in place, the Categories can be automated based on the parameters you define, further to this an ordering parameter can be applied in the sytem as given.
Monthly Average Demand X ( Lead time+ Safety stock + order cyle )- ( Stock on hand+Order Qty+ Back order Qty), the system will automatically suggest the quantities accordingly.
Based on the information provided you can browse them on internet to get more information.
